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Deutsche Bank Tencent (00700)
Rating: Buy
Indicative price: from 512 yuan -> 452 yuan (19% potential increase over the previous closing price of 379.8 yuan)
The target price of Tencent, the latest report of Deutsche Bank lowered Tencent's target to 11.7% to 452 yuan, maintaining a "buy" rating.
Deutsche Bank said that in recent months, Tencent has been facing three major problems: 1.) The bank reduced its growth in mobile games in the second quarter by 6% in the quarter to 38% per quarter. %, the growth of mobile game growth in the second quarter, or the signal of future growth facing the challenge.
2.) The deposit coverage rate of the Group's online payment platform, Tenpay, could increase, which could lead to a slowdown in profitability.
3.) The Group's mobile market share declined, weakening the leading position in the digital content market in mainland China.
But Deutsche Bank pointed out that the above problems are non-structural issues.
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